Pacific Life & Annuity is a member of the Insurance Marketplace Standards Association (IMSA), whose membership promotes ethical market conduct in the sale of individual life insurance, annuity, and long-term care products.  By choosing to pursue membership in IMSA, Pacific Life & Annuity demonstrates a commitment to ethical market conduct in the life insurance industry.

What is IMSA?

The Insurance Marketplace Standards Association is a voluntary membership organization.  IMSA member companies agree to follow a specific set of standards in their advertising, sales, and service for individual life insurance, long-term care insurance and annuity products.  A board of directors, made up of life insurance industry chief executives and academia experts of the insurance industry, sets policy for IMSA. 
A company becomes a member by adopting IMSA’s Principles and Code and by implementing policies and procedures to meet its rigorous standards.  To demonstrate its commitment, the company undergoes assessment by an outside, independent examiner, such as an accountant, attorney, or actuarial or management consultant who is certified to assess that the company has met IMSA standards.  IMSA membership lasts for three years.  Thus, the assessment and review process must be repeated every three years in order for a company to remain a member of IMSA.

WHAT ARE SOME OF THE STANDARDS THAT IMSA MEMBERS MUST MEET?

In adhering to the IMSA standards, a company must for example:

• Maintain policies and procedures that demonstrate a commitment to honesty, fairness and integrity in all customer contacts involving sales and services for individual life insurance and annuity products;
• Emphasize to all employees and distributors the concepts of ethical market conduct through ongoing communications programs;
• Review its advertising materials regularly to assure that they are honest and clear;
• Examine its sales materials continually to see that they are current, accurate and in accordance with current laws and regulations;
• Monitor the sales process carefully, on a regular basis, and obtain and respond to customer feedback; and
• Engage in fair competition consistent with state and federal law and communicate this practice to employees and distributors involved in the sales process.

WHAT DO IMSA STANDARDS MEAN TO THE CONSUMER?

These IMSA standards help assure a consumer that a company continues to commit itself to honesty, fairness, and integrity in all customer contacts involving the sale and servicing of individual life insurance and annuities.  As part of that commitment, the company carefully monitors the sales process, its employees and agents on a regular basis.  The company develops policies and procedures to assure that customers receive information they need to make decisions about purchasing and/or replacing policies.  The company also maintains a system to respond expeditiously to customer concerns and complaints.

For further information, Visit IMSA’s Web Site or write to:  IMSA, Two Wisconsin Circle Suite 320, Chevy Chase, MD 20815